Binance Coin Price Prediction – Can BNB Reach an All-Time High Soon?
Binance Coin price is up slightly over 10% this week, following a mid-week crypto relief rally. The native exchange token is the fourth-largest cryptocurrency, boasting $48 billion in market capitalization.
Over $1 billion in volume has been traded across the board in 24 hours. BNB dodders at $296 at the time of writing while facing growing resistance at $310. A break and hold above this level could quickly propel BNB above $350 and possibly pave the way for gains to $400.
Binance CEO Changpeng Zhao (CZ) announced another $1 billion worth of BUSD for the recently crafted Industry Recovery Fund (IRI). Initially, the exchange led a $1 billion initiative open to other investors.
Aptos Labs and Jump Crypto were among the first companies to express interest in the Binance-led IRI. The IRI now has $2 billion to start its operations after CZ confirmed an additional $1 billion on Friday. The fund will focus on buying distressed crypto assets in the wake of the FTX collapse.
PeckShieldAlert, a platform that tracks the movement of large sums of money in crypto, confirmed via a post on Twitter that the “Binance 7” address, dedicated to the IRI, has over a billion tokens.
Binance Coin price downtrend has persisted since the beginning of the year. Trend analysis shows its movement was limited below the 1st trendline, as highlighted in the daily chart, until BNB stepped above it in late October.
Bulls also cleared resistance provided by the 50-day Exponential Moving Average (EMA) (in red), the 100-day EMA (in blue) and the 200-day EMA (in purple). As sidelined buyers joined the market, BNB briefly crossed the $350 mark before hitting a wall at the 2nd falling trend line.
The FTX implosion triggered a colossal sell-off that left no stone
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